A spokesman for Linklaters confirmed that the firm had not been selected for the panel but did not immediately return calls seeking clarification over whether Linklaters had applied.

Slaughter & May, the remaining member of the magic circle, is also understood to have won a place.

All firms declined to comment.

The GE panel is subdivided into different practice areas which include mergers and acquisitions, where Linklaters was ranked first in Europe and second in the UK last year, according to Mergermarket, the data provider.

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Linklaters has advised GE on several deals including the 2003 €1.3bn ($1.7m) acquisition of First National, the consumer credit business of UK bank Abbey National.

Simmons & Simmons, a top-10 UK legal firm which has acted for GE, has also lost out. A spokesman for the firm confirmed it had not been appointed to the panel but said it remains GE's preferred adviser for employment and labour issues within the EU.

A spokesman for GE said the panel was formed to ensure GE received the best combination of quality legal advice at a competitive price. The spokesman declined to name members of the panel or comment on GE's legal budget.